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All-star first baseman's next position could be at Morgan Stanley

July 17, 2013

Paul Goldschmidt said he was unsure of whether he'd reach the big leagues as a minor-leaguer in Mobile, Alabama. So he lined up an internship at Morgan Stanley. He was promoted to the Arizona Diamondbacks before he took the job, though two years...

Raymond James snags four industry bigs in RIA push

July 17, 2013

Raymond James is ramping up its small RIA custody unit. The firm plans a media campaign beginning in September to get the word out about its custody service as well as options for hybrid advisers. In addition, the firm announced today the hiring...

Stand-alone reps at LPL stand to see big fee hike

July 16, 2013

Bowing to coming industry regulation, LPL Financial LLC is eliminating independent reps' ability to act as their own supervisors and hitting those 2,200 one-person shops with a fee increase. It's the latest restructuring of compliance and oversight...

Finra postpones action on recruitment disclosure rule

July 14, 2013

The Financial Industry Regulatory Authority Inc. has postponed action on a controversial proposal to require disclosure of broker recruitment deals to customers. A notice on Finra's site said that the regulator's board would “consider an updated...

Finra's financial woes no recipe for viability

July 14, 2013

Along with regulating broker-dealers, Finra's mission includes protecting investors. But if the Financial Industry Regulatory Authority Inc. can't turn its fortunes around, that essential objective for financial advisers could be in jeopardy....

UBS biggest wealth firm, study finds

July 14, 2013

UBS AG, which is shrinking its investment banking business, overtook Bank of America Corp. to top a ranking of the world's biggest wealth managers compiled by Scorpio Partnership. UBS boosted managed assets by 9.7% to $1.7 trillion last year...

Wells advisory biz reports record profits — but it's mostly cost cutting

July 12, 2013

Wells Fargo's wealth, brokerage and retirement business is doing more with less. The division posted record net income of $434 million in the second quarter, up 29% from the first quarter on just a 2% increase in revenues. Like the rest of the...

RJ's Helck on buying another broker: 'There isn't much out there'

July 11, 2013

Raymond James Financial Inc. may be looking for acquisitions in the asset management space, but don't count on it buying any broker-dealers anytime soon. When it comes to asset management firms, “there is a lot of room to expand in terms of...

Helck: Fiduciary standard can work with high-commission products

July 11, 2013

Despite opposition in the brokerage industry to a uniform standard of care, one industry heavyweight believes a fiduciary standard can coexist with the sale of high-commission products. “In the most basic form, working for your client as a...

State subpoenas 15 brokerages over sales of alternatives

July 10, 2013

Massachusetts has begun a sweep investigation of 15 brokerage firms, looking at sales practices involving alternative investments sold to seniors. The targeted firms are: Morgan Stanley, Merrill Lynch, UBS Securities LLC, Fidelity Brokerage...

End of the line for Tommy Belesis' embattled brokerage

July 10, 2013

A little bit of Wall Street's swagger died this week as the long-beleaguered John Thomas Financial ended its registration as a securities broker-dealer. John Thomas, owned by the colorful Anastasios “Tommy” Belesis, on Monday filed termination...

New No.1 at top of wealth management ranks

July 10, 2013

UBS AG (UBSN), the Swiss lender shrinking its investment banking business, overtook Bank of America Corp. (BAC) to top a ranking of the world's biggest wealth managers compiled by Scorpio Partnership. UBS boosted managed assets by 9.7 percent...

Five-time MLB all-star sues UBS, ex-rep for $7.6M

July 9, 2013

Mike Sweeney, a five-time Major League Baseball all-star, has sued UBS Financial Services Inc. and his former broker at the firm for $7.6 million in damages. The suit, alleges that Mr. Sweeney's broker at UBS, Ralph A. Jackson III, invested...

Fiduciary duty boosts revenue, not compliance costs: FPC

July 8, 2013

Financial advisers who operate under a fiduciary duty achieve stronger asset and revenue growth without taking on additional compliance costs, according to a group of adviser advocates. In a comment letter to the Securities and Exchange Commission...

Finra postpones action on recruitment disclosure rule

July 8, 2013

The Financial Industry Regulatory Authority Inc. has postponed action on a controversial proposal to require disclosure to customers of broker recruitment deals. As reported earlier, a notice on Finra's site said the Finra board would “consider...

Cetera skyrockets into first tier

July 7, 2013

After an aggressive acquisition campaign, Cetera Financial Group Inc. is on the verge of reaching a milestone: $1 billion in annual -revenue. It is a metric matched by only four other independent broker-dealers — and all the more noteworthy...

The Takeaway: Why the race is on to scale up your practice

July 1, 2013

Portfolio The July Mutual Fund Observer is out - why it's impossible to categorize long/short funds.  (Mutual Fund Observer) The thing about investing in tech is that shareholders are not promised a return commensurate with the innovation....

Five factors fueling the growth of the RIA hybrid model

June 28, 2013

If the full-service corporate RIA model is the mainland and the independent RIA-only model is an island, the open architecture of the RIA hybrid could be considered the bridge between the two. Under the RIA hybrid model, the financial adviser...

'Dom the Bomb' goes from Merrill wealth management to Wimbledon

June 28, 2013

Dominic Inglot was working for Bank of America Corp.'s Merrill Lynch (BAC) two years ago when he took a chance that brought him back on the grass tennis courts of Wimbledon, this time as a ranked player, not a stand-in for a movie actor. Ankle...

Finra bails on plan to supervise reps' outside businesses

June 27, 2013

Finra has dropped a controversial idea to extend its supervisory rules. The Financial Industry Regulatory Authority Inc. filed a new package of updated supervisory rules last Friday with the SEC. Gone from the latest list: a hotly debated plan...

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